Fund managers call for FCA blockchain taskforce in plans for ‘Investment Fund 3.0’ July 7, 2022 The UK’s top investment body called on government and regulators to harness the benefit of cryptocurrencies and decentralised finance today, as it claimed the industry was on the cusp of a “major technological transformation”.
Global money laundering watchdog urgently calls for greater crypto information sharing July 6, 2022 Most countries do not have appropriate laws to prevent the illicit use of cryptocurrency by criminals, according to a global anti-money-laundering watchdog. The rules would force businesses to share information about cryptocurrency transactions. Only around a third of countries surveyed by the Financial Action Task Force said they have passed laws, and just a few [...]
Crypto market risk profile similar to oil prices and technology stocks, Coinbase says July 6, 2022 Crypto risk profiles are like those in oil prices and tech stocks, according to crypto exchange Coinbase. “The market expects crypto assets to become more and more intertwined with the rest of the financial system, and thus to be exposed to the same macro-economic forces that move the world economy,” Coinbase Institute Chief Economist Cesare [...]
Crypto lender Voyager Digital files for bankruptcy amidst crash July 6, 2022 Voyager Digital has filed for bankruptcy as the crypto crash deepens. A week after halting withdrawals, deposits, and trading on its platform, the crypto lender filed for voluntary Chapter 11 bankruptcy in the US on Tuesday. “This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, [...]
Crypto regulation overlooks sustainability issues July 6, 2022 Discussions around crypto regulation gloss over the negative environmental impacts of crypto, with sustainability concerns overlooked, new research shows. Data from regulatory technology provider CUBE showed that just 0.1 per cent of crypto regulatory issuances in 2022 were focused on sustainability. The data does not take into consideration the EU’s MiCA regulation agreed last week. [...]
Bank of England urges greater crypto regulation after crash to prevent financial stability risks July 5, 2022 The Bank of England called for a strong regulatory regime for crypto after the recent crash to prevent financial stability risks in the UK. In its Financial Stability Report today, the Bank said the “extreme volatility” in crypto recently exposed several vulnerabilities in crypto markets and was similar to past volatility in traditional financial systems. [...]
After EU passes crypto rules, lawyers ask whether the UK will follow suit July 4, 2022 The EU’s landmark Markets in Crypto-Assets (MiCA) regulation, decided last week, will be the world’s first regulatory framework for crypto and could serve as a “benchmark” for the UK’s own legislation, according to legal experts. The MiCA regulation, which will come into force at the end of 2023, will apply to crypto-asset issuers and service [...]
Crypto lender Vauld suspends trading and eyes potential restructuring amidst crypto rout July 4, 2022 Crypto lending platform Vauld has suspended all trading, withdrawals, and deposits on its platform as it explores potential restructuring. The Singapore-based lender attributed this to “financial challenges” resulting from “a combination of circumstances such as volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate.” “We have [...]
EU decides on ground-breaking regulation for crypto assets July 1, 2022 The European Union agreed on landmark regulation for cryptocurrencies in what could be the world’s first regulatory framework for crypto. EU lawmakers, member states, and the European Commission reached a historic deal on crypto rules Thursday that will apply to crypto-assets, crypto-assets issuers and crypto-asset service providers. The pioneering law, known as Markets in Crypto-Assets, [...]
FATF tells countries to quickly implement its Travel Rule to detect suspicious crypto activity June 30, 2022 The Financial Action Task Force told countries to speed up with implementing its Travel Rule for crypto, a key requirement to comply with sanctions obligations and to detect suspicious transactions. The global watchdog found that most jurisdictions have not applied its anti-money laundering and counter-terrorist financing standards to virtual assets and virtual asset service providers. [...]